1925, a bonus to shareholders in the form of new shares.
On a smaller scale the discount companies enjoy the same advantages as the banks, of handling a mass of money many times the size of their capital We saw that the Westminster Bank, with a paid-up capital of nine millions, held nearly 273 millions deposited with it by the public. When we look at the balance-sheet of the Union Discount Company, the largest of the joint stock companies that engage in this kind of business, we find that, with a paid-up capital of £1,125,000, it held forty millions "in loans and deposits, including provision for contingencies." Let us summarize its balance sheet of December 31, 1924:—
| Capital paid up | £1,125,000 | Cash at bankers | £1,320,683 |
| Reserve Fund | 1,475,000 | British Govt. and other securities | 5,724,642 |
| Provident Fund | 198,732 | Loans at call and short dates | 474,524 |
| Loans and deposits, etc. | 40,100,868 | Bills discounted | 47,023,680 |
| Bills re-discounted | 11,053,918 | Debtors | 9,322 |
| Rebate on bills discounted | 423,485 | Premises | 140,000 |
| Profit and loss (less appropriations) | 315,848 | ||
| £54,692,851 | £54,692,851 | ||
The position of the company is clear and pleasant; it has borrowed forty millions, put a net sum of thirty-six millions into bills
